Sonic Expects Record Used-Car Sales in May
By Michelle Krebs May 27, 2009Sonic Automotive, the third- largest U.S. auto retailer, said it expects to report record used-car sales for May, spurred by demand for Mercedes-Benz, Lexus and other luxury models by cost-conscious consumers, Bloomberg News reported.
May sales will exceed 7,000, the most per month since the company went public in 1997, Chief Financial Officer David Cosper told Bloomberg in an interview. However, new-car sales are down by about 30 percent, he added.
Cosper told Bloomberg he interprets the used-car sales advance to signal that consumers are more willing to spend on cars, just not new ones.In some cases, they're buying certified pre-owned luxury cars that were previously leased for two or three years and qualify for manufacturer extended warranties.
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